Penalties for irregularities in the income tax return of individuals

Penalties for irregularities in the income tax

The income statement is not mandatory for all-natural persons, one of the criteria is to exceed the limit established by the DIAN, which in 2021 is $49,849,800 (1,400 UVT), it means, those whose average monthly salary is higher to $4,154,150.

This information must be kept in mind, since the income statement is an obligation and therefore its due compliance is very important to avoid penalties, and not only penalties for non-payment but penalties for irregularities when presenting the income statement.

It is essential to previously review and verify all the information provided to the corresponding body or entity upon receipt of payment.

In this way you can avoid any type of error, delay or omission that may occur, in order to prevent failures in specific details that make the process difficult, receiving unnecessary consequences that involve considerable fines and even prison.

Learn: The benefits of a tax advisory

Types of penalties for irregularities for individuals

Every individual in this process is obliged to declare if they meet the characteristics of being a taxpayer (those who do not comply with the requirements, are non-taxpayers), that in the scenario of being a tax withholding agent and failing in its execution, it must respond to the penalties for irregularities established in the law for this matter.

Penalty for late delivery

When not submitting in a timely manner the statement or submitting them after the corresponding due date, the penalties may be really expensive. There is a 5% penalty for every month of delay.

Penalty for leaving out income

Information not provided accurately and, in its entirety, omitting income from what is accrued in the year, will be punishable by a fine.

Penalty for not submitting information

In the context that the citizen does not comply with the delivery of the corresponding declaration, the sanction in this regard leads to a fine.

Tipos de sanciones por irregularidades para personas naturalesPenalty for error or false information

During its completion, if the data provided shows an error, the sanction can be very onerous. Similarly, in the event of false information or tax fraud to reduce the amount to be canceled, it may be sanctioned with 6 months to 7 years in prison.

Penalty for not submitting a correction return

In regards to the declaration to correct the erroneous documentation or add missing information, in the scenario of presenting more than one or the first after the established deadline, it also presents a fine.

In this sense, in accordance with the provisions of the Law that governs the matter, the aspects identified as illegal tax, lead to the payment of a specific amount, sufficient reason to avoid causing greater consequences, it is necessary to take them into account every year to respond timely. There are many ways in which a penalty can be received in the context of not declaring, omitting data, making mistakes, or falsifying information that can lead the taxpayer to respond for significant fines.

To avoid being sanctioned, keep in mind the processing dates and the documents up to date so as not to have warnings or problems with the law.

Learn: Have you heard about Tax Accounting Services?


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